Borrower tip: Refinancing federal student loans into a private student loan can make you ineligible for certain types of protections, such as income-driven repayment plans, federal debt forgiveness programs and forbearance/deferment options through the Department of Education.
Find the Best Student Loans for You
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SoFi Private Student Loans offers undergraduate, graduate, law or MBA, health profession, and parent loans. Loans start at $5,000 and cover up to 100% of the school-certified cost of attendance, including tuition, room and board, and books and supplies.
The lender also refinances qualified student loans, including private and federal loans and Parent Direct Plus loans, for graduates of eligible Title IV colleges and universities. Borrowers can access medical resident refinancing, medical professional refinancing, and law or MBA refinancing.
Apply online in minutes, according to SoFi, to find out whether you’re prequalified and to get your rate. You may need this information to apply:
- Social Security or tax ID number.
- Proof of income.
- Government-issued ID.
- School details, including academic term and estimated graduation date.
- How much you’d like to borrow.
- Financial aid you expect to receive from other sources, such as scholarships.
- Documentation showing immigration status for nonpermanent residents.
If your loan is approved, you will select your rate and repayment option, and then electronically sign and accept the loan documents. SoFi will send the application information to your school for certification, which involves the school verifying your enrollment status, academic progress and financial aid over several days to weeks.
Once the school has certified the loan, SoFi will schedule the funds for disbursement. The entire process from application to disbursement typically takes at least four to six weeks but can be shorter or longer depending on the school.
Annual percentage rates depend on the type of student loan, your credit and whether you set up autopay, which qualifies for a 0.25 percentage point rate discount.
SoFi charges no fees. This includes application fees, origination fees, late fees and insufficient funds fees.
Borrowers have two repayment options for parent loans – immediate or interest only – and four options for undergraduate, graduate, law or MBA, and health profession loans.
You can save money on your SoFi student loan in two ways: Sign up for autopay, and become a SoFi member.
The lender offers a 0.25 percentage point interest rate discount when borrowers enroll in automatic payments from a checking or savings account.
Borrowers and co-signers who are SoFi members could qualify for an additional 0.125 percentage point interest rate reduction on SoFi student loans. SoFi membership is free, but you will need to download the SoFi app to access all of your member benefits.
SoFi members can earn and redeem points to pay down SoFi student loans. Enroll in the Member Rewards program through the SoFi app to participate.
You will need to meet SoFi’s underwriting requirements and eligibility criteria for the type of loan you want. SoFi lists different criteria to qualify for undergraduate, graduate, parent and refinancing loans.
You may be eligible for a SoFi undergraduate loan, for instance, if you are:
- The age of majority where you live or have a co-signer who is.
- A U.S. citizen, permanent resident or nonpermanent resident.
- Employed or have sufficient income from other sources.
- Planning to use the loan for qualified higher education expenses at an eligible institution.
- Enrolled at least half-time in a degree-granting program.
- Making satisfactory academic progress, which is certified by your school.
A co-signer is not required but can help your odds of approval if your credit history is limited. Co-signers must be the age of majority where they live and must be a U.S. citizen, permanent resident or nonpermanent resident.
Loan eligibility depends on a number of factors, including your financial history, credit score and monthly income versus expenses, according to SoFi.
Your credit score is only part of what SoFi considers. SoFi looks at an applicant’s full financial picture, including monthly income, career experience and future income based on job offer letters.
SoFi offers undergraduate, graduate and parent loans in all 50 states and the District of Columbia. You can refinance student loans nationwide, except for medical resident refinance loans, which are not available in Mississippi and Montana.
SoFi is not accredited by the Better Business Bureau but has an A+ rating. Trustpilot gives the lender 2.7 out of 5 stars, which is a poor rating, based on more than 2,500 reviews.
The Consumer Financial Protection Bureau received 14 complaints about SoFi student loans in 2021. Top complaints were about dealing with the lender or servicer and getting a loan. The company provided a timely response to all complaints, and all were closed with explanation.
SoFi Private Student Loans offers customer support by phone and by chat from the lender’s Contact Us page. You will need to log into your SoFi account online to access chat support.
Call customer service at 855-456-7634 from 5 a.m. to 7 p.m. Pacific Time Monday through Thursday and from 5 a.m. to 5 p.m. PT Friday through Sunday. You can also tweet @SoFiSupport to ask questions on Twitter.
The online application process allows you to prequalify, and SoFi promises to deliver a rate check in three minutes. You can add a co-signer online, upload paperwork and sign loan documents electronically.
The SoFi app lets you manage your SoFi student loans right from your phone. You can use the app to make a payment, view your payment history and set up autopay, for example. Payments can be made electronically through your online account, and using autopay earns a rate discount.
What Are the Deferment and Repayment Options?
SoFi provides borrowers a variety of deferment and repayment options.
If you need a hardship forbearance because of involuntary unemployment, contact SoFi to apply.
In-school deferment will depend on your repayment plan. SoFi has four repayment options:
- Immediate full repayment.
- Interest-only payments during school, with a six-month grace period after graduating, dropping below half-time or leaving school.
- $25 partial interest-only payments during school, with a six-month grace period after graduating, dropping below half-time or leaving school.
- Full deferment during school, with a six-month grace period after graduating, dropping below half-time or leaving school.
What Are the Discharge Options?
SoFi will forgive a loan balance if the primary borrower dies during school or repayment. If the co-signer dies, the student is still responsible for the balance of the loan.
SoFi Loans Are Best For:
- People who prefer an online application.
- People who will use autopay.
- People who want a no-fee loan, including no late fees.
Find the Best Student Loans for You
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